The Consumer Price Index (CPI) reported that the all items index increased 2.4 percent before season adjustment over the last twelve months. The Federal Reserve’s targeted annual inflation rate is two percent.
The index for shelter rose 0.2 percent in September, and the index for food increased 0.4 percent. Together, these two indexes contributed over 75 percent of the monthly all items increase. The food at home index increased 0.4 percent in September, and the food away from home index rose 0.3 percent over the month. The energy index fell 1.9 percent over the month after declining 0.8 percent the preceding month.
Food Index
The food index increased 0.4 percent in September, after rising 0.1 percent in August. The index for food at home also rose 0.4 percent in September. The index for meats, poultry, fish, and eggs rose 0.8 percent in September, while the index for eggs increased 8.4 percent. The index for chicken increased 0.2 percent. The food away from home index rose 0.3 percent in September, as it did in August.
The index for food at home rose 1.3 percent over the last 12 months. The meats, poultry, fish, and eggs index rose 3.9 percent over the last 12 months, and the nonalcoholic beverages index increased 1.3 percent. Over the same period, the index for fruits and vegetables rose 0.7 percent, and the index for other food at home increased 0.4 percent. The food away from home index rose 3.9 percent over the last year.
Energy Index
The energy index fell 1.9 percent in September, after declining 0.8 percent in August. The gasoline index decreased 4.1 percent over the month. (Before seasonal adjustment, gasoline prices decreased 5.1 percent in September.) The electricity index increased 0.7 percent over the month, as did the natural gas index.
The energy index decreased 6.8 percent over the past 12 months. The gasoline index fell 15.3 percent over this 12-month span, and the fuel oil index fell 22.4 percent over that period. In contrast, the index for electricity increased 3.7 percent over the last 12 months, and the index for natural gas rose two percent.
The full CPI report can be found here.
